2.1.1 Demand, Price & Quantity

Front

What is the amount of a good/service that a consumer is willing and able to purchase at a given price in a given time period called?

Back

Demand

Front

What does a demand curve represent?

Back

A graphical representation of the price and quantity demanded (QD) by consumers.

Front

According to the law of demand, what happens to the quantity demanded (QD) when the price rises, ceteris paribus?

Back

QD falls

Front

Market demand is calculated by ______ up the individual demand at each price level.

Back

adding

Front

According to the diagram analysis, in July, at a price of $10, the demand for boys' swimwear is ______ units.

Back

500

Front

According to the diagram analysis, in July, at a price of $10, the demand for girls' swimwear is ______ units.

Back

400

Front

According to the diagram analysis, at a price of $10, what is the shop's market demand for children's swimwear during July?

Back

900 units

Front

Market demand for children's swimwear in July is the combination of boys and girls demand.

Back

True

Front

Refer to the diagram showing the demand curve. What happens to the quantity demanded (QD) when the price increases from £10 to £15?

Back

QD falls from 10 to 7 units

Front

What is the movement called when the quantity demanded decreases due to an increase in price along the demand curve?

Back

Contraction in QD